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Binance boss no longer sees CBDCs as a threat to crypto

 


Binance CEO Changpeng “CZ” Zhao has been slowly revising his negative stance on central bank digital currencies (CBDC) as at a conference event, the influential industry head now admits that he no longer sees CBDCs as a threat to his company or the crypto industry.


CZ made the relevant statements yesterday, November 2nd, at the Web Summit in Lisbon.


The Binance boss believes that CBDCs could legitimize blockchain technology and increase trust in the technology: "I think the more we have of it, the better."


In this regard, Zhao notes that it is generally a good thing that state governments want to rely on blockchain technology, but blockchain should not be equated with crypto here, because crypto currencies have a "deflationary" character in his view.


Overall, CZ's stance on CBDCs appears to have softened compared to previous statements.


Last year, the Binance CEO complained that CBDCs could never offer the same freedoms as cryptocurrencies because "most central bank digital currencies will come with many control mechanisms".


A multitude of central banks around the world are now researching, testing and working on CBDCs, with China widely regarded as the front runner in the global race.


However, there are also valid concerns that programmable digital currencies could give central banks unprecedented control over private consumers and their consumption behavior.


Cointelegraph previously reported that many citizens who want less government interference in their financial affairs are struggling with CBDCs.


Political commentator Peter Imanuelsen recently reiterated these concerns, fearing that the launch of central bank digital currencies could lead to outright “global communism”.


For example, CBDCs linked to personal data could be misused to sanction dissidents.


Turkey is one of the countries planning such a CBDC with a link to personal data for early 2023 .


According to the Atlantic Council , 15 countries are already testing a CBDC, including China, Kazakhstan, Thailand, Saudi Arabia, Sweden, South Africa and Russia.

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